The State Bank of Pakistan (SBP) on Wednesday conducted the auction for the sale of Market Treasury Bills and received less than target bids. A target of Rs 500 billion was set for this auction, however overall some Rs 342.169 billion bids with realised amount of Rs 333.234 billion were received for the sale of 3-month, 6-month & 12-month Government of Pakistan Market Treasury Bills (MTBs).
In response to the State Bank's tender for the sale of MTBs, Rs 292.260 billion with realised value of Rs 285.713 billion were received for 3-month and Rs 49.409 billion for 6-month. Despite huge participation in the MTBs auction, a thin bid was received for 12-month bills as participants pinned hopes on the Monetary Policy which is due next month. Overall Rs 500 million worth bids were submitted for 12-month through Primary Dealers on February 19, 2014.
Against the target of Rs 500 billion for the fourth auction of this quarter, bids worth Rs 327.769 billion with a realised amount of Rs 319.194 billion were accepted. A cut-off yield of 9.9564 percent was set for 3-month MTBs and some Rs 278.360 billion worth bids were accepted. For the 6-month, Rs 49.409 billion bids were accepted on 9.9791 percent cut-off yield. While all bids amounting to Rs 500 million were rejected for the 12-month. Maturity for this auction was Rs 561.301 billion with an additional requirement of Rs 61.301 billion.
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